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HA3011 Advanced Financial Accounting Assignment Help

The individual assignment will assess students on the following LOs;

1. On understanding of the various theoretical models of accounting

2. On applying knowledge and understanding to specific financial reporting issues to AASB accounting standards

3. On discussing the theoretical constructs of contemporary financial accounting

4. On evaluating and explaining the need for the development of a conceptual framework for accounting, and discuss the influence of such a framework on accounting practice.

5. On Understanding of the Australian accounting regulatory framework and the conceptual framework

6. On understanding of how to account for assets, non-current assets and liabilities

7. Be able to calculate for revaluations and impairments of non-current assets, and then journalise

8. Account for leases for both lessees and lessors.

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The assignment is designed to investigate the use and application of accounting concepts and accounting policies and there adherences, the conceptual framework and issues of measurements of theory, and understanding of relevance and representational faithfulness of Automotive Holdings Group. It will help to understand and measure whether AHG is compliant to AASB, IAS and IFRS.


1. Entity Concept

It states, fiscalreportswithfurtherbookkeepingfactsthat are specified in a venture which is separate from theirproprietors. Thus,examination of the firm's exchangesconnectingexpenses and incomesthat areconveyedas far asadjustments in the firm's monetary conditions are concern (Alexander, 2007). Likewise, permanent resources and obligationsdedicated to trade activities are the exchange of the firm are to be accounted for as opposed to exchange of owners undertakings (Alexander, 2011). This empowers an accountant to differentiate among individual and corporate exchanges. It applies to segment of firms and group associates or combined.

As it is applied in AHG, the report presents a non-controlling interests inside value individualistically from the value of owners of the group. When their interests varies, thegroup will modify the conveying measures of controlling and non-controlling interest to reflect alterations to their greatest advantage in the backup. The group is considered of great value in the distinction and the reasonable approximation of the thought paid or got and ascribe it the proprietor. 

2. Going Concern

Thefirm is considered to be in a continuous process in the nonexistence of owners in future infinity. This is because the durability of the firm and monetary information is expressed presumptuously that it will operate indefinitely for a long period of time in the future(Amaduzzi, 2009). The theorysubstantiates the valuation of a firm's resources on no liquidation basis and they demand historical price to be used innumerousestimates. Moreover, immovable resources as well as intangible resources are amortized on their valuable life which can take a shorter period in anticipation of early insolvency (Amaduzzi, 2009). It leads to the quantity individual economic reports which are part of the unceasing inter-related series of reports. It further suggests that data conversed is uncertain and presented reports must reveal changes of past year reports as revealed by latest expansions.

AHG applied this concept in managing their capital structure to protectionits ability to remain forever so that it can continue to deliver returns to its investors and other interested parties. Additionally, to uphold an idealwealth structure to decrease the cost of capital. In order to maintain competitive, the group will adjust the dividends' amount to be paid to shareholders, sale of firm's permanent resources to reduce its debt, aspects of issue of new shares, and shareholders return. 

3. Money Measurement:

States that it is necessary to account for the dealings a firm in a universal way. The collective unit of measurement selected in bookkeeping must be in monetary unit(Leux, 2009). Cash is a uniform measure in which exchange of goods and services such as natural resources, labour and capital are measured. It continues to state that bookkeeping remains a dimensionalmessaging process of activities of a firm which isquantifiable in monetary terms. At the end of the day, monetary data should show how money was used by the firm for its entire financial period.

In AHG annual report would not directly show how it applied the concept and it is utilized indirectly all over its activities in their entire financial years shown in their statements.

4. Accounting Period:

It states that dataof economic activities of a firmmust be stated in a period of time which islesser than the life of the firm (Capron, 2005). Usually, time period is always equivalent to length of one year to enable comparisons. Time frame is normally identified by the monetary report of the firm which is usually a period of twelve months. However, half yearly or quarterly reports are also delivered.

Application of the concept in AHG, it usually releases its reports on 30th June of very year because that is how its financial year ends. It starts 1st of July previous year and ends 30th June following year and the routine has been like that since the AHG's inception as evidenced in their annual reports 2017 and 2018 respectively.

5. The Cost Concept:

It requires that firm's resources are recorded at the price exchanged during purchase or past cost. Past costs are documented as the suitable evaluation basis for acknowledgement of goods and services and expenditures(Arnold, 2009). For reasons of bookkeeping, firms activities are usually measured using actual costs when an activity takes place. Measurements are mainly centered on price exchange in which monetary resources and obligations are exchanged on. Therefore amounts which resources are listed in the financial records of a firm doesn't specifywhat resources could be sold.

Past costssuggests that a firm will not sale its resources because there is lessopinion in revaluing these resources to replicate the existing values. To add with, accountant prefers to report actual costs of market value which are challenging to verify.

AHG applied this concept in its plant and equipment are restrained on past costs method and depreciated using straight-line method over its estimated useful economic life.

Classification Life

Plant and hardware (counting engine vehicles and PC programming) 2½ - 20 years

Leasehold upgrades/promoted rented resources - Life of the rent - shorter of helpful life or rent term valuable existences of advantages.
The estimations of helpful lives, remaining quality and amortization techniques require the executives' judgment and are checked on every year. On the off chance that they should be adjusted, the change is represented tentatively from the date of appraisal until the finish of the updated helpful life. These alterations are prevalently connected to explicit resources and most normally emerge related to other hindrance pointers.

6. Dual Aspects:

This states that an accountant must recordactivities that are affecting the prosperity of a particular firm. A firm being an artificial creation, it'simportant to know whom resources belong to and for what purpose they serve, and what kind of resources they control,for example, land or cash (Richards, 2005). The system therefore develops the recording of this items.

In AHG, this concept it's a daily or way of life it does its activities. It is an inline application that has translated this financial reports released in their report. Without this concept AHG would have to not been able to report its data to date. Therefore it's a daily routine it does to promote this good performance or profitability it has reported so far.

7. Accrual Concept:

This method reveals that the revenues are recognized when they are earned in the income statement. When earned without cash being received, they are recognized as accounts receivables in the records but on cash basis, they are not recorded till actual cash is received (Richards, 2005). Also under this method, expenditures are recognized in the income statement when they have matched up with the corresponding revenues reported or when their cost have no future benefits that can be measured.

That is to say, this method cash payments and receipts are not focused on reporting incomes and costs, rather focused on when they were earned or incurred. Therefore provides accurate true profitability of the firm and on a more accurate of the firm's resources and obligations at period end (FASB).

AHG Example, Cash close by is non-enthusiasm bearing. Money at bank pulls in drifting financing costs somewhere in the range of 0.25% and 1.50% (2017: 0.25% and 1.40%). The financing costs pertinent to stores at call at 30 June 2018 differ somewhere in the range of 1.50% and 2.00% (2017: 0.50% and 2.65%).

8. Matching Concept:

The coordinating idea in monetary bookkeeping is the way toward coordinating (relating) achievements or incomes (as estimated, selling costs of goods and ventures conveyed) with endeavors or costs of a specific period for which is being resolved(Guzzo, 2013)

The idea underscores which expenses are costs in a given financial period. That is to say, costs are accounted for the time frame in which the income relates to and those expenses are accounted for. For instance, business estimation of certain goods are accounted as income whereas expense of those goodsare accounted as costs around the same time.

AHG example, revenue is estimated at reasonable value of the thought receivable. It is professed that it is reasonablemonetary compensationsand income can be consistentlyassessed. Sums revealed as income are net of profits, exchange stipends, refunds and sums gathered for the benefit of outsiders.

9. Realization/recognition Concept

This method shows that the amount of revenue are amount that is reasonably recognized from the time of sale. The rules that an accountant should use to determine the revenue or expense has occurred in order to measure, record or report(Power, 2010). It also states that incomes are amount that are reasonably certain to be realized thus credit buyers are certain to pay. However, it does clearly shows amount of revenue recognized are less than the selling price, hence income recorded at lower amount than normal.

In AHG, they applied financial costs through borrowing, expenses in the periodare recognized when they occur including bank overdrafts, interest rates, amortization etc. 

10.Consistency Concept:

It states that a firm has to decide on one method of accounting and should be the same throughout its entire activities and events of the same period unless or otherwise changed are stated (Laux, 2009). If it changes, comparisons of monetary reports from one period to another will be so difficult. The consistence over time will be able to check the misrepresentation of income statement and balance sheet and possible manipulations as well. It is helpful to external users comparing the two over time and making sound financial choices.
In reference to AHG annual report note No. 14, Provisions for depreciation of vehicles, plant, furniture and gear 35,599 out of 2017 to 38,376 out of 2018

11. Full Disclosure Concept:

The complete honesty idea necessitates that a business endeavor ought to give all significant data to outer clients with the end goal of sound monetary choices(Laux, 2009b). This idea suggests that no data of substance or important to the normal speculators will be excluded or disguised from an element's budget summaries.

In reference to AHG annual reports, agrees to this idea and distributes reports each end year as at 30th June. E.g yearly report 2018.


Measurement implies in what amount to perceive resource, risk, and bit of value, salary or cost in your fiscal summaries. Hence, you have to choose the estimation premise, or the strategy for evaluating money related sum for components in the budget reports(Ijiri, 1975).

The Framework examines two essential estimation premise:

1. Historical expense - this estimation depends on the exchange cost at the season of acknowledgment of the component. Authentic expense gives data inferred, at any rate to some degree, from the cost of the exchange or other occasion that offered ascend to the thing being estimated. Verifiable expense of advantages is decreased in the event that they become disabled and authentic expense of liabilities is expanded on the off chance that they become difficult

2. Current value - it quantifies the component refreshed to mirror the conditions at the estimation date. Here, a few strategies are incorporated:

i) Fair value - the value that would be received to sell an asset, or paid to exchange a risk, in a thoughtful exchange between marketsaffiliates at the estimation date. Reflects showcase affiliates' present assumptions regarding the timing and vulnerability of future cash-flows.

ii) Value being used - Reflects substance explicit current assumptions regarding the amount, timing and vulnerability of future cash-flows.

iii) Current cost. Mirrors the present sum that would be: i) paid to get a proportionate resource ii) got to take on an equal risk.

The elements to be viewed as while choosing an estimation premise are pertinence and steadfast portrayal, in light of the fact that the point is to give data that is valuable to financial specialists, banks and different loan bosses.

FUNDAMENTAL QUALITATIVE CHARACTERISTICS - Understanding of Relevance and Representational Faithfulness

Chapter three of the conceptual framework converses the qualitative features of valuablemonetary information. For it to be beneficial to the current and potential stockholders, creditors and other moneylenders for making judgments about the reporting firm on the grounds of their fiscal report material, it must be relevant and represented faithfully what it purports to. Therefore, data is said to relevant only if:

i) it is able tocreate a difference in the provider's decision as the potential users of monetary information; ii) It has to be predictive value, positive value or both. Predictive value arises where the evidence is beneficial as acontribution into the users'judgmentrepresentations and upsets their hopes about the future. Positive value arises where the datadeliversreaction that confirms or changes past or present expectations based on previous evaluations; iii) It is able to make a difference whether the users make use it or not. It is not essential that the data has in point of fact made a transformation in the past or will create a transformation in future.

The conceptual framework intricate on the important qualitative features of faithful representation. Data is represented faithfully only if:

i) It is complete where it includes data for user to comprehend the singularity of being represented including necessary explanations.


ii) ii) It is natural where the description is short of bias in the choice or representation of economic data. (QC14);

iii) iii) It is free from error meaning that there are no omissions in the explanation of the singularity and procedure used to yield the conveyed facts has been designated and applied with error free in the process.(QC15)

Therefore, the helpfulness of economic data is improved by comparability, verifiability, correctness and understandability.


From the above investigation on the financial statements,I have found that AHG is in compliance with the IFRS, IAS and AASB. It's a firm that is strictly recognizes them and their application are higher and hope the trend will continue in the future years.

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